FCMB Pensions, a subsidiary of FCMB Group Plc, is aiming to grow its assets under management (AUM) to ₦1.2 trillion by December 2025, building on its current base of over ₦1.1 trillion and more than ₦200 billion paid to retirees and beneficiaries.
Christopher Bajowa, the firm’s Managing Director, disclosed this at the company’s 20th anniversary celebration in Abuja, noting that FCMB Pensions is positioning itself as a major industry player, with Personal Pension Plans (PPP) identified as the next frontier for growth.
Bajowa said pension inclusion remains a key challenge, as expanding the number of contributors has been slow. He noted that regulators are increasingly focused on PPPs because of their strong potential to deepen inclusion. He also identified naira volatility as a major concern, questioning how savers can be encouraged when the real value of savings continues to erode. According to him, government efforts to stabilise the currency and create access to foreign exchange for hedging are critical to sustaining confidence in long-term savings.
Reflecting on the company’s journey, Bello Maccido, Pioneer Managing Director of FCMB Pensions, said the firm began as a modest, retail-owned institution following the Pension Reform Act of 2004, which ushered in the contributory pension scheme and licensed 13 Pension Fund Administrators.
He recalled that the company broke even within three years, achieved profitability within five years, and grew to 187,000 Retirement Savings Accounts with assets of ₦72 billion, serving clients including the Nigerian Army, the Central Bank of Nigeria, NIPOST and individuals nationwide.
Maccido praised the current management for scaling the business to over ₦1 trillion in AUM, describing the milestone as a testament to 20 years of strong governance, resilience and sustained growth in Nigeria’s pension industry.
